Ohio retired teachers group blasts pension fund for investment in failed bank. FOR MORE:
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The Ohio Retired Teachers Association (ORTA) has recently criticized the State Teachers Retirement System of Ohio (STRS) for its investment in a failed bank. According to ORTA, STRS put $30 million into Buckeye State Bank, which collapsed in 2018.
ORTA has called for STRS to be more transparent in its investment decisions and to prioritize the interests of its members, many of whom rely heavily on their pensions.
In response, STRS defended its investment in Buckeye State Bank, stating that it was part of a larger investment portfolio and that the majority of its assets are invested in publicly traded stocks and bonds.
However, ORTA argues that the investment in Buckeye State Bank was unnecessary and risky, and that STRS should have been more cautious with its members’ money.
The situation highlights the importance of transparency and accountability in pension fund management. Retirees rely on these funds to provide stable and secure income in their golden years, and pension funds have a responsibility to manage their assets prudently and ethically.
As retirement funds face increasing scrutiny and pressure to generate strong returns, it is crucial that they prioritize the interests of their members over short-term gains. This means investing wisely and avoiding unnecessary risks that could jeopardize the long-term viability of the fund.
ORTA’s criticisms of STRS should serve as a wake-up call to all pension funds, reminding them of their obligations to their members and the importance of responsible investment practices. In an era of economic uncertainty, retirees deserve financial security and stability. It is up to pension funds and their managers to deliver on this promise.
Canadian teacher retirement funds are allowed to invest in concrete assets, solid businesses. I still don’t fully understand how the Biden administration is using the ESG platform to hurt all pensions—the matrix of finance get more confusing for the average person.
Bunch of fucking idiots. Try doing that to the cops or the fire fighters: see how it goes. Spineless bastards.
I guess school funds should stay in the school and teacher money held for the teachers. Haven't they been in trouble for the same thing before? They keep promising heat but never deliver, gambling away teachers money while doubling up on stuff for them to do with not enough people to do it and won't repair anything.
Don't understand why they're bitching they've been shoving this trans shiff down our throats and our kids throats , and the climate-change bull shiff. So your union put all your money in a woke Bank, go woke go broke